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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

East Africa on course to harmonize capital markets laws

NAIROBI (Xinhua) -- East Africa Community (EAC) member states are on course to harmonize their capital market laws as part of plans to develop a single financial market.

Kenya’s Capital Markets Authority (CMA) CEO Paul Muthaura told Xinhua in Nairobi that EAC council directives are currently in the process of being translated into the national laws.

“There are now efforts to integrate the national securities exchanges and central security depositories so that it is easier to trade capital market products across the region,” Muthaura said.

EAC member states include Kenya, Uganda, Tanzania, Burundi, Rwanda and South Sudan. However, Burundi and South Sudan have no capital markets.

Muthaura said the EAC is currently helping Burundi to set up a securities exchange.

The partner states are now in the process of ratifying the EAC directives. The CMA has already completed developing the regulations to operationalize the regional directives in Kenya.

Harmonizing of capital markets laws is part of the implementation of the EAC Common Market Protocol that calls for free movement of people, capital across the partner states.

CEO said trading across the region’s securities markets is very inefficient as the systems are not fully integrated.

In addition, capital market players have to register separately in each EAC state. 

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